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US Markets - Update on SP 500

We have client meetings all day and wanted to send out this quick note on the S&P given the overnight weakness.

We don't believe we have a good solid trading low in place that will propel the S&P to new highs as these short-term rallies are turned around quickly with impulsive moves back down. Caution is warranted and we are looking for a weekly close below 2625 which would signal to us the start of the next leg lower to our MFU-2 target of 2490.